Nalini Unagar@NalinisKitchen
People suddenly started praising Alakh Pandey because his name appeared on the Forbes billionaire list. But I had doubts, so I analysed his company PhysicsWallah.
2023: ₹84 crore loss
2024: ₹1,131 crore loss
2025: ₹243 crore loss
2026 Q1: ₹127 crore loss
Even after continuous losses, they raised ₹3,480 crore at an expensive valuation of ~₹28,073 crore, which is about ~10x their revenue.
Because of hype, the IPO listed at ₹145 (+33%). Since then, it has been falling, and today the share price is ₹89.99, below the IPO price.
The promoters already sold ~₹379 crore worth of shares during the IPO.
Despite no profitability, the company continues aggressive expansion of offline centers.
There is some "chemistry" in PhysicsWallah that needs to be solved, and investors will pay the price of that expensive experiment. Mark my words.